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While demand for luxury watches has soared since the start of the Covid-19 pandemic, four of the biggest watch brands – Rolex, Patek Philippe, Audemars Piguet and Richard Mille – are reporting shortages of certain models.
Certain watches, especially those produced in limited series, are becoming scarce. As a result, a growing proportion of sales are now made online, via websites for the resale of second-hand luxury watches. More and more start-ups are entering this field with the aim of becoming the dominant force.
According to the consulting firm McKinsey, sales of second-hand watches reached $18 billion in 2019, and could exceed $30 billion by 2025. By that same year, used watch sales will be about half the size of the new watch retail market, up from about a third today.
“The used watch market is still very much like the Wild West,” said Toby Bateman, CEO of Hodinkee, a popular watch collectors’ site. “There are many sales platforms, and customers don’t necessarily know who they are buying from. There is no guarantee that the watch is genuine or that it works properly.”
The online sale of second-hand watches is attracting many investors. For example, the German company Chrono24 recently raised 100 million euros from investors to enter this market. Other companies, such as Watchfinder, Watchbox and Watchmaster are also developing and seeking to gain market share.
The only unknown is how long the current boom will last, as demand continues to outstrip supply, a trend that is being confirmed in the short term.
Industry executives say the surge in global wealth, driven by stocks and crypto, and a proliferation of online watch collecting and news sites have spawned a whole new generation of young collectors who buy and sell watches online. Social media has also boosted sales, as more and more collectors like to post on Instagram and TikTok. For watch buyers and sellers, start-ups and online marketplaces, it remains to be seen how many of these new traders will remain if prices and second-hand demand fall.
Read also > LUXURY SWISS WATCH SALES SLOW DOWN IN HONG KONG
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While demand for luxury watches has soared since the start of the Covid-19 pandemic, four of the biggest watch brands – Rolex, Patek Philippe, Audemars Piguet and Richard Mille – are reporting shortages of certain models.
Certain watches, especially those produced in limited series, are becoming scarce. As a result, a growing proportion of sales are now made online, via websites for the resale of second-hand luxury watches. More and more start-ups are entering this field with the aim of becoming the dominant force.
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While demand for luxury watches has soared since the start of the Covid-19 pandemic, four of the biggest watch brands – Rolex, Patek Philippe, Audemars Piguet and Richard Mille – are reporting shortages of certain models.
Certain watches, especially those produced in limited series, are becoming scarce. As a result, a growing proportion of sales are now made online, via websites for the resale of second-hand luxury watches. More and more start-ups are entering this field with the aim of becoming the dominant force.
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